Short sellers are faced with an unenviable decision here, and it's not a choice that will come about easily: "How much higher can the markets go?" Bulls might want to ask themselves the same question.
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| The last thing short sellers needed to see |
This is why it is so difficult to time tops or bottoms (even temporary ones). The market often has a mind of its own, and all the technical and fundamental analysis in the world isn't going to change it, at least not for now. The market seems quite willing to do the exact opposite of what so many people expect and has no issues punishing those who confront it.
If there is a saving grace for bears here, it is that the S&P 500 met Apple's news with a stifled yawn. A minor upward thrust, yes, but it wasn't even enough to re-capture the highs set the previous day. When the euphoria from one index doesn't carry over to another, it should at the very least send a signal that not everything is perfect. There should have been some semblance of confirmation and perhaps we'll see that as the overnight traders on the futures market digest the news ... perhaps we won't.
Do we sell the news?
Always perform your own due diligence. These are only my opinions.
